Gold prices reached a record high of $3397 (~Rs 96747) on exchanges and nearly Rs 1 lakh in the spot market after adding 3% GST today. Concerns over global economic growth as a result of the escalating Sino-U.S. trade war are driving the rise, with a weaker dollar adding to the momentum.

COMEX Gold’s active month contract closed 7% higher at $3254, marking the highest weekly percentage increase since March 27, 2020. Prices are up $270, or 9%, during the last four sessions, and year-to-date they are up $593, or 22.5%.

Following Trump’s Liberation Day on April 2, the price of gold fell from all-time highs as hedge funds saw the largest margin calls since COVID-19. The gold-to-silver ratio has risen above 100 due to this sell-off, and the prices of gold/10 grams and silver/kg are currently trading at par.

Gold has continued its terrific run, on beast mode, hitting $3177 (Rs 91400) to set another milestone, as uncertainty about tariffs that would drive inflation and deteriorate economic development boosted safe-haven demand and maintained gold on track for its best quarter since 1986.

Gold after achieving the $3000 (~Rs 88000) milestone and extending the rally $3065 (Rs 89800), Gold is feeling exhaustion now. It seems prices are topping out in the short-term, we could see profit-booking and price retracement at these levels.

Gold cleared the $3000 (~Rs 88000) milestone target driven by risk aversion. Gold closed the year 2024 at $2640 (~Rs 77800), and the “Gold and Silver Outlook—2025” yearly report recommended buying gold on 1st Jan 2025 for the target of $3000 in 2025.

The uncertainty surrounding US President Donald Trump’s trade policy keeps investors on edge, and it continues to act as a tailwind for the gold market as the new week begins.

Friday’s dispute between Ukraine President Volodymyr Zelenskiy and US President Donald Trump and Europe’s growing disagreements with the US over its Russia policy will support safe-haven gold, as investors keep an eye on European efforts to develop a Ukrainian peace plan.

Due to concerns about a global trade war and Trump’s tariffs, the price of gold continues to be optimistic. The dollar index is impacted by falling US bond yields, which also give precious metals more support.

Due to the uncertainty surrounding U.S. policies, trade tensions, global military conflicts, and overall socioeconomic uncertainty, gold reached a record high of $2968 (~Rs 86350) for a week before retracing lower.

Gold touched a record high of $2910 (~Rs 85200) as traders reacted to President Trump’s threat of new reciprocal tariffs, enhancing its safe-haven status. Now the question is, when will it touch $3000?

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After hitting an all-time high last week due to rumors, the price of gold dropped by almost 1% today as the U.S. dollar strengthened on growing concerns of a global trade war following U.S. President Donald Trump’s sweeping tariff measures.